https://www.taxtmi.com/caselaws?id=760595 The ITAT Mumbai held that denial of exemption under section 11 for alleged excessive payments to specified persons under section 13(3) was unjustified. The tribunal found that rent payments made by the assessee were actually lower than market rates paid by unrelated parties in the same area. The AO's assessment was based on wrong facts, referencing an agreement for different premises rather than the actual rented property. The tribunal concluded the payments were neither excessive nor unreasonable and decided in favor of the assessee. en-us Wed, 21 Aug 2024 00:00:00 +0530 Thu, 24 Oct 2024 08:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760595 The ITAT Mumbai held that denial of exemption under section 11 for alleged excessive payments to specified persons under section 13(3) was unjustified. The tribunal found that rent payments made by the assessee were actually lower than market rates paid by unrelated parties in the same area. The AO's assessment was based on wrong facts, referencing an agreement for different premises rather than the actual rented property. The tribunal concluded the payments were neither excessive nor unreasonable and decided in favor of the assessee. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760595